Earning money on the stock market isn’t strictly a game of chance. Fees and algorithms are important. See which of the best robo advisors will earn you money.
Not everyone has the intuition to make lucrative predictions about the stock market. Most people who deal in stocks need to do a lot of work to develop a good sense of how to move money around.
It’s difficult to do. That’s why it’s important to use the help of advisors. Human advisors cost a pretty penny, though, and we don’t all of the funds to afford one.
In the absence of a human financial advisor, we’re given the option of robo-advisors. We’ve compiled a list of our three best robo advisors for you to choose from before you start making the big bucks.
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Top Three Best Robo Advisors
The idea of a robot advising you on your stock moves might be a weird one. We’ll give you a brief rundown of the concept before we get going.
Robo-advisors generally take in a list of your qualifications, financial information, retirement goals, and investment goals, and use your money to make decisions that an algorithm deems most prudent.
Most of these sites are relatively low-risk and will do with your money exactly what you inform them to do. Most sites are also pretty cheap, requiring a start-up fee and a percentage in a lot of cases.
Betterment is a site that was on the ground-floor of robo-advisors. This means they’ve had more time to work out the bugs, and it shows in the results.
You fill out a risk profile and betterment deals with your money the way you intend it to. There’s no minimum deposit, and it’s easy to get started. Further, Betterment optimizes your funds to lower your capital gains taxes.
Wealthfront is a site similar to Betterment with comparable results for users. At the same time, this site offers unique tax advantages, retirement planning, and extremely low fees.
We recommend Wealthfront for the beginning investors out there.
Wealthsimple is another site that doesn’t have a minimum balance, and you can start investing right away no matter how much money you have to put forward. This stands in comparison to Wealthfront, which has an account minimum of 500 dollars.
When comparing Wealthfront and Wealthsimple, the features are generally shared. Both offer access to SEP IRAs, 401(k) rollovers, trust accounts, joint accounts, Roth and traditional IRAs, and personal investment accounts.
To compare Wealthfront vs Wealthsimple, visit the link.
Wealthsimple lacks a few of the features that Wealthfront offers, however. Those features are IRA transfers and 529 college savings plans. These things might not be significant to you at the early stages of your investment career.
That being said, it might be wise to think in the long-term if you plan to invest for a long time. Assess your goals and think about what features you’re going to want in a robo-advisor as your wealth begins to grow.
Just Starting to Invest?
Hopefully, our list of the best robo advisors gave you a few ideas of how to move forward with your finances. Investing and planning for the future requires more thought, though, especially if you’re doing it with a partner.
Visit our site to learn more about investment, health, and how to stay happy through it all!